Interactive
US – Golden Nugget jumps 37.4 per cent
By Phil - 12 November 2021
Golden Nugget Online Gaming’s revenue for the third quarter was $35.6m, representing an increase of 37.4 per cent, compared to $25.9m during the third quarter of 2020. Revenue for the first nine months of 2021 increased 38.2 per cent to $94.1m compared to $68.1m during the first nine months of 2020.
Net loss for the third quarter was $31.3m, compared to a net loss of $1.8m in the prior year period.
Chairman and Chief Executive Officer, Tilman Fertitta commented, “We are pleased to deliver another quarter of double-digit revenue growth in an increasingly competitive market. Golden Nugget Online Gaming continues to pride itself in making the right investments in product, marketing and technology without wavering from our ultimate goal of profitability – as we have achieved in New Jersey. With successful launches in West Virginia and Virginia now under our belt, we look forward to expanding into new jurisdictions where we can bring our players a premium player experience.”
The company launched its online casino and sportsbook in West Virginia on September 22, marking the third jurisdiction in which GNOG is live with online casino. Additionally, the West Virginia Lottery granted it permanent iGaming and sports wagering management services provider permits.
President, Thomas Winter added: “2021 continues to be a banner year for growth at GNOG. In Michigan, we continue to grow revenues, posting a 26.3 per cent GGR increase over Q2 2021, while the rest of the market grew 4.7 per cent. Our market leading growth in market share in the state during the quarter is a direct reflection of our steady focus on customer acquisition and retention, while our 33.6 per cent quarterly growth in Net Gaming Revenue, outpacing our GGR growth, illustrates our financially disciplined approach to new markets. In Q3, Michigan accounted for 70 per cent of our new active depositors, Net Average Revenue Per User (ARPU) kept growing in line with our forecast and we expect this trend to continue, as the weight of returning players, especially VIPs, increases in our players mix. This customer loyalty gives us further confidence that Michigan will eventually be at par with New Jersey in our revenue mix.”
Mr. Winter added: “Elsewhere, we expect to build on this growth with our recent launches in West Virginia and Virginia and look forward to continuing our expansion plans as we move closer towards bringing the premium content and innovative features, synonymous with the Golden Nugget brand, to Arizona, Ontario and Pennsylvania, subject to licensure and regulatory approvals.”
